Investors who backed the business in the funding round included the Portland Seed Fund, Atlassian Ventures, and lead investor Flying Fish Partners. Angel investors Mat Ellis, Luke Kaines, and Leigh Honeywell also participated, among others.
"The life of a developer can always improve with better tooling,” Kaines said. “DevOps helped show that progress is not about the tools, it's about advancing the people and culture around them. Edify is a great new tool because it targets people and their success directly."
Welcome to the Team! Eddy Will Help You Get Acquainted
Founded in 2020 by entrepreneur and CEO Kristen Gallagher, the startup company seeks to mitigate the challenges of bringing new team members up to speed with ongoing projects and business expectations. In order to address the problem, the startup developed an interactive bot named “Eddy” to show new company members the ropes.
Eddy uses AI and machine learning technology to introduce new hires to necessary documentation, address questions, and provide knowledge checks. As a result, existing team members at the company can focus on their own work and spend less time doing repetitive onboarding tasks. The bot is integrated into existing team communication platforms already in use by businesses, including Slack and, in the future, Microsoft Teams. The company claims that Eddy can reduce the time it takes to onboard engineers from seven months to one month or less.
Eddy Is Not the Only Onboarding Software on the Market
The global employee onboarding software market was valued at $772.6 million in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 12.2%, reaching $2.2 billion by 2027. Edify is not the only business taking advantage of the growing industry. Founded in 2019, startup company Swimm raised a total of $5.7 million after its own recent seed round to develop its automated code-documentation software. Other competing startup companies in the onboarding business include Rippling and Sapling, who raised funds from investors totaling $197 million and $4 million respectively.
Startup Edify raised $1.7 million in seed funding to develop its remote employee onboarding software designed to help businesses quickly initiate new hires. The company uses an interactive bot named “Eddy” to perform repetitive onboarding tasks and reduce distractions for existing employees. Several other startups, including Swimm, are competing for space in the industry with their own onboarding software services.
About the Author
James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.